Dubai: At least 16 financial institutions, including a major bank in the UAE, have recently been fined for violating the "principles of responsible finance."
The Saudi Arabian Monetary Authority (Sama) on Sunday confirmed it has directed the financial firms to correct the violations.
The companies are operating in the kingdom. It is not clear, however, what specific violations were committed by the institutions.
“Sama calls upon the financial institutions under its supervision to fully comply with regulations and instructions, in a manner that does not affect the rights and interests of customers,” the regulator said in a statement.
It clarified that the decision is in line with its mandate to ensure the “principles of justice and transparency,” as well as “responsible finance” are adhered to.
Among the institutions fined are Al-rajhi bank, Al-ahli bank, Saudi fransi bank, Al-riyad bank, Al-Jazira bank, Alinma bank, Saudi home loans, Dar al-Tamleek, Abdulalatif Jameel finance, Saudi Fransi for Finance, Nayifat Finance Company, Flexible Murabaha finance Al-Jabr financing and Raya Financing Company.